Sajjan Jindal, promoter of JSW Steel and JSW Energy has paid ₹342 crore to release the pledged shares of the steel and energy firms. The industrialist has released 1.26 crore of pledged shares of JSW Steel and 6.98 crore pledged shares of JSW Energy on Friday.
With this, JSW Group promoters have released about ₹2,700 crore of pledged shares of various group companies in three tranches in the last two months.
Last month, Mr. Jindal had released ₹1,200 crore worth of pledged shares and in September, Mr. Jindal had repaid ₹1,150 crore of loan taken against pledged shares of group companies.
JSW Steel shares closed up at Rs 251.85 in an almost flat Mumbai market on Monday, while JSW Energy shares closed down 3.39% at ₹74.05.
India Ratings has reaffirmed its long-term issuer rating of IND AA for non-convertible debentures programme of JSW Steel. However, the agency revised its outlook for the company’s long-term rating to negative from stable due to fall in per-tonne margins and its impact on the company’s credit profile in the current financial year.
